 "Nifty opens below 8,050; Asian markets weak")
Benchmark indices continue to trade lower weighed down by capital goods, healthcare, IT and metal shares. However, upside among select auto shares have limited the downslide.
Meanwhile, China's factory activity fell for an eighth straight month in October but at a slower pace as export orders flickered into life, a private survey showed on Monday, pointing to continued sluggishness in the world's second-largest economy.
By 10:30 am, the Sensex was lower by 102 points at 26,555 and the Nifty slipped by 25 points at 8,041.
The top losers from the Sensex pack are Bajaj Auto, Sun Pharma, Hindalco, Tata Steel and L&T.
On the gaining side, M&M, Tata Motors, BHEL, ICICI Bank and Maruti Suzuki are up between 1-4.4%.
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Updated at 9:30 am
Markets are trading lower in opening trades tracking weakness among Asian markets along with selling in capital goods and defensive sectors leading the fall.
By 9:30 am, the Sensex was lower by 110 points at 26,546 and the Nifty slipped by 34 points at 8,031.
Among broader markets, BSE Midcap and Smallcap indices are down between 0.1-0.3%. Market breadth is marginally weak with 664 shares declining and 637 shares advancing.
On Friday, markets ended lower for the fifth straight session with index heavyweights L&T and ITC leading the decline amid weak corporate earnings for the September 2015 quarter.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1464.89 crore on Friday as per provisional data released by the stock exchanges.
On macro front, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) data for the month of October 2015 is due today.
Coffee Day Enterprises, which runs Cafe Coffee Day outlets, will list its shares on stock exchanges today.
MARKET VIEW
According to Anand Rathi’s morning report,” Nifty needs to negate the negative pattern of making lower highs – lower lows by holding above 8050 levels to get back a bounce back move towards 8120 and 8150 zones, while if it fails to sustain the 8045 levels then selling pressure might drag the index towards 8000-7980 levels. Sensex needs to sustain above 26650 levels to witness a bounce back move towards 26850 then 27000 levels while if it fails to hold 26500 levels then index might get in the grip of the bears and continue to witness selling pressure towards 26250 and lower levels.”
Q2 EARNINGS
Adani Enterprises, Adani Ports and Special Economic Zone, Piramal Enterprises and Reliance Capital will announce their second quarter earnings today.
GLOBAL MARKETS
Asian stocks slid on Monday after soft Chinese factory surveys stoked global growth concerns, while the dollar edged back against the safe-haven yen as risk appetite waned.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.6%. Chinese stocks slipped in early trade, with Shanghai stocks dropping 0.7% and Hong Kong's Hang Seng down 1%.
SECTORS & STOCKS
BSE Consumer Durables index has slumped almost 2% followed by counters like Capital Goods, FMCG and Healthcare, all declining by 1% each. However, BSE Auto index has gained by almost 1%.
The top losers from the Sensex pack are Sun Pharma, Bajaj Auto, L&T, ITC, Hero Moto and HDFC Bank.
Shares of Sun Pharma have slipped over 2%. According to media reports, may decide to discontinue some non-strategic businesses as part of its integration process with RanbaxyBSE 5.63 %, the company it acquired last year in a $4-billion deal.
Bajaj Auto has moved three models from its Discover brand to passive production as the company tries to reposition the troubled brand yet again. The stock is down over 1%.
Hero MotoCorp patriarch and doyen of Indian two-wheeler industry, Brijmohan Lall Munjal, passed away this evening after a brief illness.
On the gaining side, M&M, Tata Motors, Maruti Suzuki, ICICI Bank and Axis Bank are up 1-2%.
Mahindra & Mahindra has sold 51,383 units last month, up by 20% over corresponding period previous year.
Tata Motors has reported 1% growth in total sales at 43,486 vehicles for October 2015 compared to 42,862 units in the same month of last year.
With Reuters input
